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| Author: | Schmitz, P. W. |
| Title: | Simple contracts, renegotiation under asymmetric information, and the hold-up problem |
| Journal: | European Economic Review
2002 : JAN, VOL. 46:1, p. 169-188 |
| Index terms: | ASYMMETRIC INFORMATION BARGAINING CONTRACTS DECISION MAKING |
| Language: | eng |
| Abstract: | In this article it is demonstrated that voluntary bargaining over a collective decision under asymmetric information may well lead to ex post efficiency if the default decision is non-trivial. It is argued that the default decision may be interpreted as a "simple" contract that the parties have written ex ante. |
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